The cost of electricity to produce 1 bitcoin is 60k

The total production cost includes (electricity + warehouses + labor...etc) is much more than 60k

Now BTC is trading on exchanges below 60k.

The logic is simple => BTC is undervalued below 60k.

You may think that BTC is like this chair.

The cost of wood material to produce this chair is 6$.

The total production cost includes (wood material cost + warehouse + labor +...etc) is much more than 6$, probably 10$

It is now selling on Amazon for $6

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